Business Intelligence is playing an important role in the eCommerce industry and recently Magento has introduced its platform. So, now every online shop can take advantage of this valuable technology. Plus, Magento has managed to make BI as simple as it can be.
The primary role of Magento Business Intelligence is to help businesses grow by making decisions based on data. Even though this sounds simple, this technology has incredibly deep and complex foundations.
How does it work?
Magento Business Intelligence uses data from a number of different and seemingly independent sources. In other words, this tool consolidates the data, makes sense of it, and presents it in an easy-to-understand manner. It is like having a team of dedicated professionals who work on improving your online business. Instead, this is a complicated algorithm that allows you to fully leverage the data that you already have at your disposal.
Magento 2 already comes with in-depth tools that analyze your customers. You can see the most valuable ones, their purchases, and their frequency of shopping. However, Magento Business Intelligence takes a bit more individual approach to this data. This is done by taking a look at different channels that bring customers to your store and comparing their effectiveness. In turn, this helps you to discover the most profit-friendly channels and invest your efforts in a more rewarding way.
What’s the Benefit?
Turning your customers into loyal fans is yet another challenge. Magento Business Intelligence helps with this by providing statistics about new and repeat customers. This is done by analyzing CLV (customer lifetime value) with open tickets and displaying that information as a percentage. This kind of information shows the effectiveness of marketing tools and design elements of your online store.
Custom-Tailored BI Solutions
At the moment, there are two ways to start leveraging this highly capable tool. Magento is offering two different packages aimed at small and large online businesses.
Business Intelligence Essentials is the entry plan that comes at an affordable price. You will receive 75 predefined reports, 5 different dashboards, the ability to add up to 10 users, and more. As such, this is the perfect starting point that brings lots of predefined data that helps you to get started in no time.
Business Intelligence Pro is an enterprise-grade solution designed to handle large quantities of information. As such, this is a scalable and incredibly sophisticated plan. BI Pro users are free to create unlimited reports, dashboards, and to share data between 20 users. Just like the Essentials plan, the Pro plan comes with pre-built data integrations. However, the real power lies in the ability to create an entirely custom-made BI system.
It is also worth noting that users of Magento 2.2 can already use a small part of this technology. Thanks to Magento Advanced Reporting, the latest version of this platform includes 16 reports that deal with sales, categories, and products. In turn, it provides consolidated data via static and dynamic charts, and there’s comparative analytics as well.
Up until now, business intelligence was utilized by Fortune 500 companies. Thanks to Magento, every online store owner can take advantage of this technology. The amount is not huge, it is something that every online store owner can afford, and this should be seen as a long-term investment. Remember that the end goal of BI is to increase your revenue. So, be prepared to spend some time learning how to take full advantage of this beneficial technology.
So, the question is Magento Business Intelligence worth your money?
Without any doubt, Magento Business Intelligence is well worth the money. If you’re serious about your business’ growth and making sure your customers are happy, Magento’s BI can be the best ally you’ll ever have.